We all know that property values move in cycles and the investments by the Irish National Pensions Reserve Fund in the largest property in Europe, if not in the world, will eventually come around. It is the original developers who will lose out because their equity will not ever recover enough to overtake the continuing interest charges. These interest charges will accrue to the NPRF.

Also remember that they have taken preference shares in the two irish banks and these too will recover in time and generate a capital gain as well as a return of the loan funds.